Do savers trust conversational robots?

An Oracle study conducted in 2020 revealed that people are increasingly comfortable with the idea of trusting conversational robots to manage their money. Here are the three main reasons:

Touche clavier TRUST — “Robots are well-positioned to assist—they are great with numbers and don’t have the same emotional connection with money. This doesn’t mean finance professionals are going away or being replaced entirely, but the research suggests they should focus on developing additional soft skills as their role evolves.” Farnoosh Torabi

Advice Without Anxiety

Many people experience anxiety when seeking financial advice, fearing judgment or embarrassment about their financial situation. This anxiety can be particularly heavy for those with low financial literacy (Gerren & Hershey, 2017). However, when interacting with a robot, these barriers disappear, as there is no fear of judgment (Holthöwer & van Doorn, 2023). Research suggests that people are more open to discussing their finances with robots, especially if they feel anxious about seeking advice from humans.

Perceived Objectivity and Absence of Cognitive Biases

In financial decisions, people value rationality and objectivity. Robots are often perceived as more rational and less biased than humans, particularly in terms of economic and financial efficiency. This perception leads people to trust robots more for financial advice, as they believe the advice will be based on facts rather than emotions (Wang & Krumhuber, 2018).

Responsiveness and Availability

Robots offer quick and spontaneous responses, meeting users' needs for immediate assistance. This responsiveness fosters trust by providing effective and timely interactions. People appreciate the convenience of being able to access financial advice at any time, which contributes to their trust in conversational robots (Følstad et al., 2018).

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